Pendo Systems Wins Singapore Innotribe Startup Challenge Showcase

Montclair, NJ - 30 April 2012

SWIFT innovation competition selects the most promising startup businesses to compete in the final at Sibos

Pendo Systems, was honored as the recipient of the “Top Innovator” award from SWIFT’s Innotribe Startup Challenge Regional Showcase held on April 24, 2012 in Singapore.

Pendo Systems won the title of “Top Innovator” for innovation in investment accounting with BasisPoint® - the enabling infrastructure for the modern era of global financial services.

As “Top Innovator” for the Asia showcase, Pendo will now advance to the Innotribe Startup Challenge finals to be held at Sibos – SWIFT’s annual conference – on Osaka in October 2012 where they will compete for a $50,000 prize. In addition, Pendo’s CEO was flown to Bangkok to be introduced to some of the industry’s top corporates and bankers at the Innotribe Bangkok event held at the Asian Banker Summit last week.

Pamela Pecs Cytron CEO, Pendo Systems said, “Far too often, those considered 'too big to fail' view us as 'too small to succeed' That is not only unfair, it's wrong. I am confident that receiving this honour from SWIFT – one of the most respected names in the industry – will help change that perception. SWIFT recognizing the need for innovation in our global banking systems is important. Their leadership in creating the needed collaboration will prove to be one of the best roles they have played to help the industry. Competing at the Innotribe Startup Challenge is experience money can’t buy. Winning 'top innovator' is truly priceless. I’m looking forward to continuing the journey at Innotribe Sibos, and showing how the innovation in BasisPoint® can transform the world of investment accounting and truly start building transparency.”

The Innotribe Startup Challenge saw 15 of the region’s most promising FinTech and Financial Services startups present their businesses to an audience of dozens of the financial industry’s most influential innovation executives, early-stage investors and press.

Kosta Peric, Head of Innovation at SWIFT and Co-founder of Innotribe said, “The Singapore Innotribe Startup Challenge was an unparalleled opportunity to get a glimpse into the future of the relationship between technology and financial services. We look forward to welcoming Pendo Systems at the Innotribe Startup Challenge finals at Sibos later this year.”

The Singapore Startup Challenge was the second of three regional challenges held in 2012 and was sponsored by Sberbank, Invest Northern Ireland, Cisco and Guidewire Group. Entries for the Startup Challenge Showcase in Belfast in June 2012 are now open. This will be followed by Sibos in October.

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